Which of the following is not true of an installment sale:

A) Installment payments consist of the return of the sellers basis in the property sold, the gain on the sale and interest.

B) An installment sale is the disposition of property when at least one payment is to be received by the seller after the close of the taxable year in which the disposition occurs.

C) The installment method may be used for the sale of depreciable property to a related person under Code section 1239(b).

D) Installment reporting is permitted even if the entire purchase price is to be received in a lump sum in a taxable year subsequent to the year of sale.

Which of the following is most likely to be considered a capital expenditure and not a deductible expense?

A) Replacement of a worn-out wooden floor in a factory with new concrete flooring.

B) Repair of leaky roofing.

C) Cleaning the carpeting for a new tenant in an apartment building.

D) Repainting the inside of an office building for a new tenant.

E) All of the above are examples of deductible expenditures

Property held primarily for sale to customers in the ordinary course of business is not a capital asset and in real estate, property held for sale is commonly called dealer property. Which of the following are aspects considered in determining whether a property is considered dealer property?

A) The purpose for acquiring the property

B) Solicitation and advertising efforts.

C) The continuity of sales or sales-related activity over a period of time

D) Improvements made to the property.

E) All of the above.

Which of the following is not deductible as a property tax and must be capitalized?

A) A monthly charge based on usage made by a city for the use of its sewer system.

B) Transfer taxes on the purchase or sale of a property.

C) Impact fees.

D) All of the above

E) None of the Above